NEW BASESALARIES AND LONG-TERM INCENTIVE AWARDSFOR CERTAIN EXECUTIVE OFFICERS
EXHIBIT 10.1
NEW BASE SALARIES AND LONG-TERM INCENTIVE
AWARDS FOR CERTAIN EXECUTIVE OFFICERS
|
|
|
|
|
|
|
|
| Long-Term |
| |||||||
| Executive Officer |
|
|
| Current |
| New Base |
| Percentage |
| Number of |
| Value3 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Michael G. Long |
| $ | 212,000 |
| $ | 227,000 |
| 7.08 | % | 30,000 |
| $ | 581,700 |
| ||
| Executive Vice President |
|
|
|
|
|
|
|
|
|
|
| |||||
| & CFO |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| John O. Tugwell |
| $ | 220,000 |
| $ | 235,000 |
| 6.82 | % | 30,000 |
| $ | 581,700 |
| ||
| Executive Vice President |
|
|
|
|
|
|
|
|
|
|
| |||||
| & COO |
|
|
|
|
|
|
|
|
|
|
| |||||
1 These base salaries are effective October 1, 2006.
2 These are grants of restricted stock that will vest over a four-year period, as follows: 6,000 shares on October 1, 2008, 12,000 shares on October 1, 2009 and 12,000 shares on October 1, 2010.
3 The value of the restricted stock was as of the date of the award by the Compensation Committee, August 25, 2006.
